Project Management

Plan for the Velocity of Change to Keep Increasing!

From the Voices on Project Management Blog
by , , , , , , , , , , , , , , , , ,
Voices on Project Management offers insights, tips, advice and personal stories from project managers in different regions and industries. The goal is to get you thinking, and spark a discussion. So, if you read something that you agree with--or even disagree with--leave a comment.

About this Blog

RSS

View Posts By:

cyndee miller
Lynda Bourne
Kevin Korterud
Conrado Morlan
Peter Tarhanidis
Christian Bisson
David Wakeman
Jen Skrabak
Mario Trentim
Wanda Curlee
Yasmina Khelifi
Sree Rao
Lenka Pincot
Soma Bhattacharya
Emily Luijbregts
Jorge Martin Valdes Garciatorres
Marat Oyvetsky
Ramiro Rodrigues

Past Contributors:

Rex Holmlin
Vivek Prakash
Dan Goldfischer
Linda Agyapong
Jim De Piante
sanjay saini
Siti Hajar Abdul Hamid
Bernadine Douglas
Judy Umlas
Abdiel Ledesma
Michael Hatfield
Deanna Landers
Alfonso Bucero
Kelley Hunsberger
Taralyn Frasqueri-Molina
William Krebs
Marian Haus
Shobhna Raghupathy
Peter Taylor
Joanna Newman
Saira Karim
Jess Tayel
Lung-Hung Chou
Rebecca Braglio
Roberto Toledo
Geoff Mattie
Dmitri Ivanenko PMP ITIL

Recent Posts

Lessons Learned: Don’t Be Afraid to Share Responsibilities

The Not-So-Secret Ingredients to Success? People and Purpose

The PMI Future 50 Delivers Action—and Hope

Contingencies Are Not a Soft Option

The Power of Diverse Project Teams



Plan for the velocity of change to keep increasing

By Peter Tarhanidis, Ph.D., M.B.A.

Today, developments in emerging technology, business processes and digital experiences are accelerating larger transformation initiatives. Moore’s Law means that we have access to exponentially better computing capabilities. Growth is further fueled by technologies such as supercomputers, artificial intelligence, natural language processing, Internet of Things (IoT) and more across industries.

Emerging Tech
The global IT industry is valued at $5.3 trillion in 2020 and is poised to grow 6.2 percent by 2021, according to tech market research firm IDC. Emerging technology like augmented reality and robotics will make up an increasing share of that growth.

Business Process Maturity
Organizations are improving the maturity of their business processes. They’re doing this by automating tasks, eliminating them, improving performance or finding the lowest-cost way to perform a task. Organizations are connecting with experts to collaborate across a wider network of colleagues. This enables strategies to be integrated across the value chain to quickly drive business outcomes.

According to market research group IMARC, automation and the IoT are driving growth in business process management (BPM); the BPM market is expected to grow at a 10 percent compound annual growth rate between 2020 and 2025.

Customer Experience
In addition, having a formidable customer experience strategy can make the difference between customers choosing your brand or your competitors in 2020. That’s according to Core dna, a digital experience platform vendor.

Customer experience is redefining business processes and digitizing the consumption model to increase brand equity. Gartner reports that among marketing leaders who are responsible for customer experience, 81 percent say their companies will largely compete on customer experience in two years. However, only 22 percent have developed experiences that exceed customer expectations.

Economic Forces
Lastly, the potential for cash flow growth remains high in 2020, despite economic risks, according to the U.S. Corporate Credit Outlook 2020. This will likely lead to capital investments and a fair portion of companies funding transformational projects.

The Way Forward
While transformations have evolved, they encapsulate the way we think and operate. Old methods may seem encumbering and administratively difficult, creating bureaucracy and delays in decision making. The challenge is the velocity of change, which is very disruptive to organizations.

I’ve developed a few guidelines to help navigate this change:

  • Work with an agile mindset.
  • Fail often and fast to ultimately filter out winning initiatives.
  • Define the cultural attributes that propel staff and colleagues to succeed on their endeavors.

Change is now inherent and pervasive in the annual planning process for organizations. Given that, I like to ask: What is the plan to prepare staff and colleagues to compete in this hyper-transformation age?

What observations have you made to keep up with this new era’s velocity of change?

Posted by Peter Tarhanidis on: February 13, 2020 04:31 PM | Permalink

Comments (4)

Please login or join to subscribe to this item
Dear Peter
Interesting is your perspective on the theme: "Plan for the Velocity of Change to Keep Increasing!"

Thank you for sharing your perspective with us as the big trends

Important points to highlight:
"I've developed a few guidelines to help navigate this change:

Work with an agile mindset.
Fail often and fast to ultimately filter out winning initiatives.
Defines the cultural attributes that propel staff and colleagues to succeed on their endeavors. "

Peter,

Velocity as changed, but many points like customer experience are recurring. Major investment need to happen corporation have refrain investment in the last years.

Thank you, Peter. By advocating and supporting an adaptable culture, organizations can be better equipped to deal with any changes or directional shifts.

Peter, great post. Resonates with me a lot.

Please Login/Register to leave a comment.

ADVERTISEMENTS

Do, or else do not. There is no 'try'.

- Yoda

ADVERTISEMENT

Sponsors